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The week ahead in macro
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Video / 25 September 2013 at 12:58 GMT

Saxo Traders: Volatile NOK sell-off

nana

Volatility has returned to Scandinavian option markets.

Saxo Bank’s traders say they are seeing a great deal of uncertainty after another “sell-off” in Scandinavian currencies on Wednesday.

In particular, the Norwegian krone was hit hard by poor unemployment data released on Wednesday.  The jobless rate in Norway increased to 3.60 percent in August from 3.30 percent in July this year.

Elsewhere, Saxo traders are seeing dollar yen and euro yen trading sideways and slightly lower since Monday.  From the technical point of view, the 100 day moving average indicator is touching just above the 99 level. In general, Saxo traders believe that markets are comfortable to go long with USDJPY, in the medium term.

The yen advanced for a fourth day versus the dollar amid concern budget talks in Washington risk a federal government shutdown. The yen appreciated 0.3 percent to USD 98.44in the morning and it was little changed at EUR133.04. 

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5y
Clare MacCarthy Clare MacCarthy
Norwegian political uncertainty abounds too: 16 days since the election and still no sign of a new government......

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